New York, United States , Aug. 16, 2024 (GLOBE NEWSWIRE) -- The Global Advanced Wound Care Market Size is to Grow from USD 10.57 Billion in 2023 to USD 16.70 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 4.68% during the projected period.
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A wound is defined as any injury or disruption to the cellular, anatomical, and/or functional integrity of living tissue. In technical terms, acute and chronic wounds are distinguished by the period after the first injury and, more importantly, the presence of physiological impairment. Advanced wound care healing films are expected to become more common in the coming years as the worldwide diabetes patient population grows and the prevalence of diabetic foot ulcers rises. Diabetes and obesity are two main factors contributing to the increasing incidence and complexity of wounds, which include ulcerations (such as those on the legs or feet) and chronic wounds. Taking care of these wounds will increase medical costs and necessitate advanced wound therapy. Furthermore, improper wound management, particularly in emerging markets, restricts market growth due to a lack of understanding of complex wound care technological advances.
Browse key industry insights spread across 210 pages with 119 Market data tables and figures & charts from the report on the "Global Advanced Wound Care Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Alginate Dressing, Hydrocolloid Dressings, Foam Silicone Dressings, Bordered Foam Silicone Dressings, Non-Bordered Foam Silicone Dressings, Gelling Fiber Dressings, Collagen Dressings, Transparent Film Dressing, Xeroform (Antimicrobial), Silver Foam Dressing (Antimicrobial)), By Wound Type (Neuropathic, Arterial Ulcer, Venous Ulcer, Perineal Dermatitis, Skin Tear, Pressure Ulcer, Burns), By Point of Care (Hospitals, Homecare, Nursery/Elderly Homes), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The foam silicone dressings segment accounted for the largest revenue share of the advanced wound care market during the projected timeframe.
Based on the product type, the advanced wound care market is divided into alginate dressing, hydrocolloid dressings, foam silicone dressings, bordered foam silicone dressings, non-bordered foam silicone dressings, gelling fiber dressings, collagen dressings, transparent film dressing, xeroform (antimicrobial), and silver foam dressing (antimicrobial). Among these, the foam silicone dressings segment accounted for the largest revenue share of the advanced wound care market during the projected timeframe. The foam silicone dressing affords soft and highly absorbent absorption for moderate drainage wounds of a variety and sizes. Because of an increase in burn cases, various forms of ulcers, open wounds, and surgical cases, there is an increasing demand for foam dressing solutions.
The neuropathic segment is anticipated to grow at the highest CAGR of the advanced wound care market during the projected timeframe.
Based on the wound type, the advanced wound care market is divided into neuropathic, arterial ulcer, venous ulcer, perineal dermatitis, skin tear, pressure ulcer, and burns. Among these, the neuropathic segment is anticipated to grow at the highest CAGR of the advanced wound care market during the projected timeframe. The rising number of diabetic foot ulcers, venous pressure ulcers, and other chronic wounds will probably drive market growth. Diabetic peripheral neuropathy causes over 90% of diabetic foot ulcers. Chronically high glucose (blood sugar) levels kill nerves, particularly sensory, motor, and autonomic nerves. Diabetic neuropathy also impairs the immune system, lowering the body's ability to fight infections.
The hospitals segment is projected to hold a significant market of the advanced wound care market during the projected timeframe.
Based on the point of care, the advanced wound care market is divided into hospitals, homecare, and nursery/elderly homes. Among these, the hospitals segment is projected to hold a significant market share of the advanced wound care market during the projected timeframe. The implementation of dedicated wound clinics staffed by multidisciplinary teams has significantly improved clinical outcomes while minimizing the economic expenses associated with longer hospital stays and readmissions. Wound clinics make the best use of diagnostic, preventative, and therapeutic resources, enhancing patients' quality of life and allowing them to return to normal activities faster. This strategic focus on comprehensive wound care solutions in hospital settings underscores their vital role in enhancing treatment standards and driving healthcare industry growth.
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North America is expected to hold the largest share of the advanced wound care market over the forecast period.
North America is expected to hold the largest share of the advanced wound care market over the forecast period. According to our research, the National Center for Chronic Condition Prevention and Health Promotion reported in May 2023 that six out of every ten people in the United States have a chronic disease such as cancer, diabetes, or other conditions. As a result, there is a greater demand for improved wound care procedures. Population growth and an increase in senior citizens create opportunities for key players in the advanced wound care market. Furthermore, this region's advanced wound care market is predicted to grow as healthcare spending increases and recommendations are developed.
Asia Pacific is predicted to grow at the fastest pace in the advanced wound care market during the projected timeframe. The Asia Pacific market is expected to grow steadily over the projected period. This is the outcome of increased per capita healthcare spending. Furthermore, market participants in this region make considerable investments, which would drive up demand for better wound treatment products. Furthermore, increased government efforts to raise knowledge about effective wound management are expected to encourage the adoption of these devices.
In Europe, the advanced wound care business is expanding rapidly. The large spending income and the presence of trained authorities are also propelling industrial growth. Payment coverage provided by the government or private organizations resulted in greater surgical procedure adoption.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the advanced wound care market are Mölnlycke Health Care, Smith & Nephew, ConvaTec Group plc, Coloplast A/S, Cardinal Health, 3M Company, B. Braun Melsungen AG, Hartmann Group, Urgo Medical, Lohmann & Rauscher, and others Key Vendors.
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Recent Developments
- In March 2024, FibroBiologics, Inc., a clinical-stage biotechnology firm with over 150 issued and pending patents, revealed that it is giving an oral and poster presentation at the Advanced Wound Care Summit USA in Boston, Massachusetts. The company focuses on exploiting fibroblasts and fibroblast-derived materials to identify medicines and potential solutions for chronic diseases.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the advanced wound care market based on the below-mentioned segments:
Global Advanced Wound Care Market, By Product Type
- Alginate Dressing
- Hydrocolloid Dressings
- Foam Silicone Dressings
- Bordered Foam Silicone Dressings
- Non-Bordered Foam Silicone Dressings
- Gelling Fiber Dressings
- Collagen Dressings
- Transparent Film Dressing
- Xeroform (Antimicrobial)
- Silver Foam Dressing (Antimicrobial)
Global Advanced Wound Care Market, By Wound Type
- Neuropathic
- Arterial Ulcer
- Venous Ulcer
- Perineal Dermatitis
- Skin Tear
- Pressure Ulcer
- Burns
Global Advanced Wound Care Market, By Point Of Care
- Hospitals
- Homecare
- Nursery/Elderly Homes
Global Advanced Wound Care Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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